US Foods
USFD · NYSEWholesale-Groceries & Related Products · Fiscal year ends Jan 2
US Foods reported revenue of $39.4B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $1.2B, an operating margin of 3.0%, and net income was $676M. Operating cash flow of $1.4B less capital expenditure of $410M left free cash flow of $959M. Net debt was $5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $29.5B | $34.1B | $35.6B | $37.9B | $39.4B |
| Cost of revenue | $24.8B | $28.6B | $29.4B | $31.3B | $32.6B |
| Gross profit | $4.7B | $5.5B | $6.1B | $6.5B | $6.9B |
| Selling, general & admin | $4.2B | $4.9B | $5.1B | $5.4B | $5.6B |
| Operating income | $424M | $594M | $1B | $1.1B | $1.2B |
| Interest expense | $213M | $255M | $324M | $315M | $305M |
| Pre-tax income | $214M | $361M | $678M | $644M | $898M |
| Income tax | $50M | $96M | $172M | $150M | $222M |
| Net income | $164M | $265M | $506M | $494M | $676M |
| Diluted EPS | 0.54 | 1.01 | 2.02 | 2.02 | 2.94 |
| Diluted shares | 225M | 226M | 250M | 244M | 230M |
Balance sheet
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $148M | $211M | $269M | $59M | $41M |
| Receivables | $1.5B | $1.7B | $1.9B | $2B | $2B |
| Inventory | $1.7B | $1.6B | $1.6B | $1.6B | $1.7B |
| Current assets | $3.6B | $3.8B | $4B | $4B | $4.2B |
| Net PP&E | $2B | $2.2B | $2.3B | $2.4B | $2.7B |
| Goodwill | $5.6B | $5.6B | $5.7B | $5.8B | $5.8B |
| Total assets | $12.5B | $12.8B | $13.2B | $13.4B | $13.9B |
| Payables | $1.7B | $1.9B | $2.1B | $2.2B | $2.4B |
| Current liabilities | $2.6B | $2.8B | $3.1B | $3.3B | $3.6B |
| Long-term debt | $4.9B | $4.7B | $4.6B | $4.8B | $5.1B |
| Total liabilities | $8.3B | $8.3B | $8.4B | $8.9B | $9.6B |
| Shareholders' equity | $3.7B | $4B | $4.7B | $4.5B | $4.3B |
Cash flow
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $419M | $765M | $1.1B | $1.2B | $1.4B |
| Capital expenditure | $274M | $265M | $309M | $341M | $410M |
| Free cash flow | $145M | $500M | $831M | $833M | $959M |
| Depreciation & amortisation | $378M | $372M | $395M | $438M | $462M |
| Stock-based compensation | $48M | $45M | $56M | $63M | $83M |
| Acquisitions | $0 | $0 | $196M | $214M | $131M |
| Share buybacks | $0 | $14M | $294M | $948M | $926M |
Key ratios
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.5% | 4.5% | 6.4% | 4.1% |
| Operating income growth (YoY) | – | 40.1% | 71.2% | 8.1% | 9.1% |
| EPS growth (YoY) | – | 87.0% | 100.0% | 0.0% | 45.5% |
| Gross margin | 15.8% | 16.1% | 17.3% | 17.3% | 17.4% |
| Operating margin | 1.4% | 1.7% | 2.9% | 2.9% | 3.0% |
| Net margin | 0.6% | 0.8% | 1.4% | 1.3% | 1.7% |
| Return on equityBlank when equity is negative | 4.4% | 6.7% | 10.7% | 10.9% | 15.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 6.0% | 10.1% | 10.8% | 11.6% |
| Free cash flow margin | 0.5% | 1.5% | 2.3% | 2.2% | 2.4% |
| Cash conversion (CFO ÷ net income) | 2.55x | 2.89x | 2.25x | 2.38x | 2.03x |
| Receivable days | 18 | 18 | 19 | 19 | 19 |
| Inventory days | 25 | 21 | 20 | 19 | 19 |
| Payable days | 24 | 24 | 25 | 26 | 27 |
| Interest cover | 1.99x | 2.33x | 3.14x | 3.49x | 3.93x |
| Debt ÷ equity | 1.32x | 1.20x | 0.96x | 1.06x | 1.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.8B | $4.5B | $4.3B | $4.8B | $5B |
| Current ratio | 1.41x | 1.37x | 1.30x | 1.21x | 1.16x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.